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Status: You are viewing the version of the handbook as on 2019-09-14.

MCOB 4.9 Business loans and loans to high net worth mortgage customers: tailored provisions

MCOB 4.9.1R

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MCOB 4.9.1AGRP

1Firms are reminded that in accordance with MCOB 1.2.3 R and MCOB 1.2.3A R, they should comply in full with MCOB, but in doing so may opt to take account of all tailored provisions in MCOB that relate to business loans or loans to high net worth mortgages customers, as the case may be3. Therefore, a firm may only follow the tailored provisions in MCOB 4.9 in relation to one of these sectors if it also follows all other tailored provisions in MCOB that relate to that sector. In either case, the rest of MCOB applies in full.3.

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MCOB 4.9.2G

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Initial disclosure document

MCOB 4.9.3G

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MCOB 4.9.4GRP
  1. (1)

    Firms are reminded that MCOB 1.2.7 R enables them to substitute an alternative for 'mortgage' in the initial disclosure in relation to a regulated mortgage contract for a business purpose or a high net worth mortgage customer4.2

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  2. (2)

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  3. (3)

    Where the initial disclosure in relation to a regulated mortgage contract for a business purpose or a high net worth mortgage customer3 makes reference to the permitted business of a firm, 4a firm can add text explaining the relevance of these descriptions. One approach may be to add an additional sentence such as: 'Secured overdrafts are referred to here as "mortgages" because they involve a charge being taken over your property'.

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MCOB 4.9.5R

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